MicroStrategy Premium Reflects Convenience and Optionality, But Remains Risky

I agree with Saylor that MicroStrategy can command a premium to its Bitcoin NAV because it combines Bitcoin exposure with a tradable, regulated equity wrapper, management credibility, and optionality from its software business and potential corporate actions. Those features attract investors who prefer equities to direct custody and who price in execution and liquidity benefits.

That said, I view the premium as market sentiment rather than a guarantee: MSTR remains highly correlated to Bitcoin, subject to dilution from capital raises, and exposed to tax and regulatory risks. I treat shares as a leveraged, convenience play on BTC rather than a direct substitute.